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Tata Steel Plans $3 Billion Loan to Refinance Corus-Linked Debt

Tata Steel Ltd., India’s biggest producer of the alloy, is in discussions with banks to raise a $3 billion loan for refinancing debt taken to fund the acquisition of Corus Group Plc in 2007.

The company plans to borrow in five- or seven-year tenor to repay debt used to purchase U.K.-based Corus for $12.9 billion, according to three people familiar with the matter. The funds may be denominated in U.S. dollars and other foreign currencies, the people said, asking not to be identified because the terms aren’t set. Tata Steel spokesman Kulvin Suri declined to comment.